Aug 11, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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UK economy: Strong rise in number of people in work

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The number of people in work rose by 189,000 in the June quarter, the biggest rise in over 20 years. Nevertheless, the number claiming jobless beenfit fell by less than expected. The unemployment rate stays as expected at 7.8%.

UK Analysis: Jul Claimant Count Posts Smallest Drop Since Jan

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--Jul claimant count unemployment -3,800; rate 4.5% --Apr-Jun ILO unemployment -49,000 q/q; rate 7.8% --Jun total weekly earnings +1.3% 3m y/y vs +2.7% in May --Jun regular weekly earnings +1.6% 3m y/y vs +1.8% in May LONDON (MNI) - Employment growth rose at its fastest rate for ...

Pimco’s view of Fed policy

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The world's biggest bond fund carries a lot of clout in the market and their opinions carry a lot of weight. Here is what one of their managers has to say on yesterday's FOMC.

USD/JPY: 84.98 low so far on EBS

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EBS, the interbank trading platform, is calling the low so far in USD/JPY as being 84.98. No major moves either up or down since which has me doubting whether the optionality at 85.00 was really all that big. Next level to watch is the spike low at 84.80.

Rpt: Analysts: BOE Central Fcast To Show CPI Going Below Tgt

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--Analysts Say Balance Of Risks Will Provide Key To Policy Message ...

Rpt:BOE Inflation Rpt May Seek To Temper Dovish Policy Message

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...

EUR/GBP: Sharp reversal after yesterday’s break

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The MPC inflation forecast is eagerly awaited but many traders have been badly stung by the sharp reversal pre-statement, which they hadn't really reckoned with. Someone asked me today which direction the next 5 big figures would be and I really had to admit that I have absolutely no idea. Technical ...

USD/JPY: Next attack on 85.00 building

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EUR/JPY and AUD/JPY have blown through support levels today during Asian trade and the sight of China selling EUR/USD and the BIS selling USD/JPY overnight was enough to convince the market. Heavy optionality at 85.00 but the prospect of the BoJ defending levels between 84.80 and 85.00 is receding fast.

Some Eastern Europe Data….

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Romania Inflation at 7.1% Y/Y in July vs 4.4% in June; Forecast was 7.3% and M/M was 2.6 Romania Curr Acct Deficit widens 50% Y/Y in Jan-June to Eur 3.6bn Hungary July CPI 4.0% Y/Y vs expected 3.7%; last was 5.3% in June and Core CPI 1.3% Y/Y

French June Current Account – Eur2.7bn

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vs revised - Eur4.0bn in May

Another Reuters Poll Suggest Australian Hung Parliament Possibility

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I don't see this having too much effect in the big picture and doubt it's an issue with the current price of the currency Being in Australia I find the two key leaders equally unappealing and neither has the gravitas to mix it on the world stage

Euro Slides in Early Europe

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1.3049 the low Eur/Usd down to 111.41 and Eur/Gbp 82.69 Eur/Gbp bounced off this level last week

BOJ Aug Report: Japan Econ Still On Moderate Recovery Track

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TOKYO (MNI) - The Bank of Japan maintained its cautiously optimistic outlook for a continued but gradual economic recovery in its monthly report released on Wednesday despite the adverse effects that a rapid rise in the yen could have on business sentiment and profits. ...

Nikkei down 2.7% at close at 9292.85, Currencies in Quiet Consolidation

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USD/JPY looks heavy with a suspicion that early Europe may test the downside in the absense of anything other than 'chit-chat' on levels from Noda et al. Of note Sterling has strengthened against the Euro with the cross down to 82.85 as I am reporting; EUR/USD back below 1.31 again AUD softer ...

Japan Average Regular Gasoline Price Drops For 11th Wk In Row

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TOKYO (MNI) - The average price of regular gasoline in Japan this week ...

Japan Vice Bank Minister, Otsuka, on the wires….

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Fx rates at critical juncture now BOJ will need to act if fx moves have big impact on economy Solo FX intervention from Tokyo would have little effect on currency markets Government &  BOJ must work together to prevent rapid Yen rise from deepening deflation BOJ practically adopting inflation targets, no need to set new ...

ForexLive Asian Session Wrap – Nikkei down 2.3% drags down risk and reverses post-FOMC gains

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USD looking unwanted after last night's FOMC The dog ate Mervyn King's homework ! A re-write of Uk inflation targets needed CBA Australia making record profits in H2 UK Nationwide business confidence: Falls to 56 from 63 - not impressive and sterling suffers again South Korean unemployment rate rises to 3.7% from 3.5% in ...

More from China’s NBS…

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wheat output fall to translate to further inflation pressure no basis for grain prices to rise significantly in China slowdown in industrial production mainly due to control of polluting, over-capacity sectors a moderate slowdown in economic growth is welcome

Update: Japan June Machine Orders +1.6%, 1st M/M Rise In 3 Mo

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-- Adds Official Comments, Background Throughout -- Japan Q3 Core Machine Orders Seen +0.8% ...

FEDERAL RESERVE STATE OF PLAY – By Steve Beckner

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Federal Reserve policymakers took the unusual, though not entirely unexpected, step of signalling their concern about the outlook for economic growth, employment and price stability at their customarily tranquil August meeting. The Federal Open Market Committee went beyond merely reviewing its options for providing additional ...

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